MANILA (Mabuhay) – Philippine merchandise exports surged in May as receipts from coconut oil, mineral and non-metal products offset the decline in electronics, the Philippine Statistics Authority (PSA) reported Thursday.
Export receipts were up by 6.9 percent to $5.4835 billion from $5.1313 billion a year earlier, PSA data showed.
The growth is also faster from the revised 1.3 percent in April 2014.
“The positive growth was mainly brought about by the increase of seven major commodities out of the top ten commodities for the month,” the PSA said.
These included other mineral products, coconut oil, other manufactures, metal components, machinery and transport equipment, ignition wiring set and other wiring sets used in vehicles, aircrafts and ships, and articles of apparel and clothing accessories, according to PSA.
Receipts from electronics and semiconductors, which accounted for 37.3 percent of total exports, fell by 1.6 percent to $2.048 billion in May from $2.082 billion a year earlier.
Other manufactures, the second top export earner, rose 40.6 percent to $633.14 million in May from $450.35 million a year earlier. Other manufactures usually included metals and non-metallic minerals and paper.
Total merchandise exports in the five months to May increased by 5.8 percent to $24.365 billion from $23.025 billion a year earlier.
Japan is still the top buyer of Philippine products, which accounted for 20.4 percent of total shipments, followed by the China at 17.5 percent and US at 13.7 percent. (MNS)